India to retain its rank among top 10 global markets, GroupM report finds
- The report also projects India to retain its rank among the top 10 fastest-growing global markets.
Media investment company GroupM India has come up with their projections for advertising expenditure on digital media for the current fiscal year. The report titled 'This Year, Next Year' (TYNY 2022) has estimated that the advertising expenditure in the country is expected to see a growth of 22 per cent this year, touching about 1,07,987 crore.
The report, released on Tuesday, also projected India to retain its rank among the top 10 fastest-growing global markets.
According to the projections, digital advertising will surge to capture 45 per cent share, while TV will remain lower at 39 per cent.
Commenting on the report, Prasanth Kumar, CEO of GroupM's South Asia branch said, “The pandemic has pushed the envelope towards digital and has hence topped the pie, with advertisers keen to explore more of it. Ecommerce and Telco will drive the economy, we also expect FMCG and auto to slowly catch up and contribute towards this growth.”
Parthasarathy Mandayam, GroupM South Asia's chief strategy officer, said media has the power to lead the change as consumers are gravitating towards themes like sustainability and sensitivity. "Flexible, specialist and distributed teams are the order of the day and this trend will be further enhanced with the arrival of 5G. The emphasis on performance marketing has further accelerated and is at the very core of marketing. Intelligent & responsible leverage of firstparty data will be critical for brands & marketers in driving this,"the officer added.
Atique Kazi, who leads the data, performance and digital products department at GroupM India, said, “Marketers will have to bring together innovation, intelligence and integration in their strategy to win on Digital. In 2022; we will also see addressable TV coming to India in some scalable form and connected tv surge with smart TV sales and new fibre/broadband connections will be on the rise. Focusing on eCommerce, performance marketing, outcome-based media and addressable data is winning formula in 2022.”
GroupM is the world’s leading media investment company responsible for more than $50B in annual media investment through agencies Mindshare, MediaCom, Wavemaker, Essence, and m/SIX, as well as the outcomes-driven programmatic audience company, Xaxis.
GroupM’s portfolio includes Data & Technology (Choreograph), Investment, and Services, all united in the vision to shape the next era of media where advertising works better for people. By leveraging all the benefits of scale, the company innovates, differentiates, and generates sustained value for our clients wherever they do business.